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Iraq Economic News and Points To Ponder Late Sunday Evening 6-30-24

Iraq Economic News and Points To Ponder Late Sunday Evening 6-30-24

The Prime Minister's Advisor Announces That Iraq Has Completed Its Integration Steps By Providing Safe Environments To Attract Investment

Economy News – Baghdad  On Sunday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, identified the important strategic, field and organizational factors encouraging international investors to work in Iraq, while pointing out two basic starting points for the development of the investment environment in the country.

Prime Minister Mohammed Shia al-Sudani confirmed last week, while chairing the eighth meeting of the Higher Committee for Reconstruction and Investment, that Iraq has become a safe and attractive environment for capital from international companies, and a preferred market for businessmen and investors, thanks to the facilities and legislation provided by the government since its formation.

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Saleh said, in a statement reported by the official news agency, and reviewed by "Al-Eqtisad News", that "the Prime Minister's statement regarding the development of the investment environment in Iraq comes from two main starting points: the first is Iraq's completion of its integration steps in providing safe and appropriate environments to attract foreign investment in Iraq, the latest of which is our country's accession to the agreement sponsored by the United Nations and called the Singapore Investment Agreement."

He added, "This agreement seeks to improve the investment climate in member states by enhancing transparency and fair regulatory procedures, in addition to providing mechanisms for resolving disputes between investors and countries through faster mediation or international arbitration, which gives investors a legal means to guarantee their rights, all of which are factors that the government of the Republic of Iraq believes in to encourage international investors to invest in our country with high resources."

Saleh stressed that "the Singapore Agreement and joining it is an important step towards enhancing international trade and investment, which contributes to achieving economic growth and improving economic relations between international groups."

He added that "the second part, which the Prime Minister referred to, is the momentum of the natural and human material resources of an important strategic country like Iraq, which ranked ninth among the countries of the world in terms of natural resources, and first in the world in possessing one square kilometer of resources in the ground."

He explained that "the geographical location of Iraq, which connects European countries by land with Asian countries by sea, encouraged the launch of the Development Road project, which took its executive steps from the Faw Port upwards within the construction of the dry canal and the upcoming related industrial, agricultural and service projects and in accordance with an important regional and international cooperation framework to attract global investments."

He pointed out that "all these strategic, field and organizational factors represent a positive invitation for international investors to work in Iraq under the direct sponsorship of the executive authority to facilitate their work and with high-precision legal protection." 154 views 06/30/2024 https://economy-news.net/content.php?id=44769

Central Bank Sales For Today Exceeded $279 Million

Sunday 30 June 2024 13:10 | Economic Number of readings: 167

Baghdad / NINA / The Central Bank of Iraq announced, today, Sunday, the total sales of foreign currency through the electronic window.

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The window recorded the total amounts of transfers abroad (remittances, credits) of $ 254,007,407, while the total cash sales amounted to $ 25,860,000, and the total sales amounted to $ 279,867,407.

The selling price for transfers and cash was assigned at 1310 dinars per dollar, while the bond credits and international settlements for the electronic card were at 1305 dinars. / End 11 https://ninanews.com/Website/News/Details?key=1137912

Dollar Prices In Baghdad And Erbil Markets Now

Economy  06/30/2024  Baghdad - Mawazine News publishes an evening list of dollar prices against the Iraqi dinar in the markets of the capital, Baghdad, and Erbil. The list is as follows:

Baghdad  Selling prices: 148,000    Buying prices: 146,500

Erbil  Selling prices: 147,750    Buying prices: 146,500

https://www.mawazin.net/Details.aspx?jimare=250522

Economist: Direct Banking Investment Is Prohibited By Order Of The Central Bank

 Economy   Central Bank of Iraq  Investment law   2024-06-30 02:32  Shafaq News/ Economic expert Mustafa Akram Hantoush explained on Sunday that   the Central Bank of Iraq is adopting a “strict” central policy in its dealings with the banking sector, which limits the ability of banks to engage in direct investment and financing economic projects.

Hantoush told Shafaq News Agency that this policy makes it difficult for the banking system and investors to invest their capital in new projects without obtaining special approvals from the Central Bank.

Hantoush added that   the current procedures followed by the Central Bank prevent banks from entering the fields of direct investment, which hinders the realization of a vital role for the banking sector in moving the wheel of the national economy. He explained that

 the banking system, in light of these procedures, does not have sufficient capacity to play an effective investment role in line with normal banking rules, but rather the investment decision becomes subject to the directions and approvals of the Central Bank.

Hantoush stressed that  this approach lacks the concept of "financial liberalization" for banks, which would provide the banking sector the opportunity to enter the Iraqi market directly and support investment opportunities, while adhering to banking and legal controls.

He stressed that  reviewing these policies may be a necessary step to activate the role of banks in supporting economic projects and promoting investment in Iraq.    https://shafaq.com/ar/اقتصـاد/خبير-اقتصادي-الاستثمار-المصرفي-المباشر-محظور-ب-مر-البنك-المركزي    

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Iraq, Saudi Arabia Conclude A Deal For A Submarine Cable Construction Project

     Amr Salem June 30, 2024   Underwater internet cables. Photo: Shafaq News Baghdad (IraqiNews.com) – The Iraqi Ministry of Communications signed on Thursday a contract for a submarine cable construction project with the Saudi Telecom Company (STC) to increase internet capacity in Iraq.

 In a press conference after signing the deal, the Iraqi Minister of Communications, Hiyam Al-Yasiri, said that this is the third deal signed by the current Iraqi government.

The director of the media department in the Iraqi Communications Ministry, Omar Al-Amiri, explained that the project will help facilitate the movement of global communications and link the countries of Africa and Asia to Europe via Iraq.

 Al-Amiri noted that such projects will have a positive economic impact on Iraq by utilizing its geographical location.

In June 2023, the Iraqi Ministry of Communications announced that it was launching internet service through space to provide the best internet service to people in Iraq.

 Projects to provide internet via fiber-optic cables require a relatively long time to complete the deployment of cables in all areas because of the difficulties represented in the excavation works and the expensive costs of these projects.

In order to diversify the sources of internet service, increase competitiveness, and reduce prices, the concerned department in the Iraqi Ministry of Communications started the contractual procedures to introduce ‘internet via space’ service in Iraq for the first time.

Iraq is following in the footsteps of developed countries that employ low-orbit satellite technology to deliver internet access directly to people via a vast network of satellites operated by reputable corporations.  

https://www.iraqinews.com/iraq/iraq-saudi-arabia-conclude-a-deal-for-a-submarine-cable-construction-project/

To read more current and reliable Iraqi news please visit :  https://www.bondladyscorner.com/

 

Provoking Thoughts and Points To Ponder On Adversity:

Even if misfortune is only good for bringing a fool to his senses, it would still be just to deem it good for something.  - Jean de la Fontaine

Never does a man know the force that is in him till some mighty affection or grief has humanized the soul.  - Frederick W. Robertson

Disappointment is the nurse of wisdom.  - Sir Boyle Roche

Challenges make you discover things about yourself that you never really knew. They're what make the instrument stretch, what make you go beyond the norm.  - Cicely Tyson

A woman is like a tea bag: you never know her strength until you drop her in hot water.  - Nancy Reagan

http://famousquotesandauthors.com/topics/adversity_quotes.html

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